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Nalco: Improving performance

Feb 13, 2004

National Aluminum Corporation Ltd. (Nalco) is the largest alumina producer and second largest producer of primary aluminum in the country. Being an integrated player, the company is one of the lowest cost producers of the metal in the world. The company continues to ride the upturn being witnessed in the aluminum cycle, and the same is evident from its December 2003 quarter numbers, announced recently. On a YoY basis, for 3QFY04, the company posted a 31% bottomline growth on the back of an 11% topline growth. Also, during the quarter, operating margins improved by 700 basis points.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Net Sales 6,418 7,115 10.9% 18,418 21,392 16.1%
Other Income 609 497 -18.4% 1,407 1,532 8.9%
Expenditure 3,992 3,927 -1.6% 11,231 12,303 9.5%
Operating Profit (EBDIT) 2,426 3,188 31.4% 7,187 9,089 26.5%
Operating Profit Margin (%) 37.8% 44.8%   39.0% 42.5%  
Interest 299 256 -14.4% 916 779 -14.9%
Depreciation 888 1,074 20.9% 2,654 3,145 18.5%
Profit before Tax 1,849 2,356 27.4% 5,024 6,697 33.3%
Tax 572 685 19.7% 1,570 1,971 25.5%
Profit after Tax/(Loss) 1,277 1,671 30.9% 3,454 4,726 36.8%
Net profit margin (%) 19.9% 23.5%   18.8% 22.1%  
No. of Shares (m) 644 644   644 644  
Diluted Earnings per share* 7.9 10.4   7.1 9.8  
P/E Ratio         18.2  
*(annualised)            

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